NZ's Warehouse year profit rises strongly

WELLINGTON, Sept 13

WELLINGTON, Sept 13 New Zealand's biggest listed
retailer, The Warehouse Group Ltd, reported a 61
percent rise in its annual profit on Friday on higher sales and
margins from new acquisitions, and said it expected a higher
year profit.

The Warehouse reported a net profit after tax of NZ$144.7
million ($117.6 million) in the 12 months to July 28, compared
with NZ$89.8 million the year before.

It said its adjusted net profit, taking account of
acquisitions and one-off items, was NZ$73.1 million, against
guidance of NZ$73 million to NZ$76 million, and last year's
NZ$65.2 million.

The company declared a dividend of 5.5 cents against last
year's 6.5 cents a share.

The Warehouse has more than 220 stores, under three
different brands, selling everything from grocery, clothing, and
garden items through to office supplies, appliances, and
computers.